Investors Buy High Volume of Chegg Call Options (NYSE:CHGG)

Chegg, Inc. (NYSE:CHGG) was the recipient of unusually large options trading on Tuesday. Investors purchased 11,744 call options on the stock. This is an increase of approximately 362% compared to the typical volume of 2,541 call options.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CHGG. Federated Hermes Inc. increased its position in shares of Chegg by 53.8% during the fourth quarter. Federated Hermes Inc. now owns 65,395 shares of the technology company’s stock worth $61,000 after purchasing an additional 22,880 shares in the last quarter. Strs Ohio acquired a new position in shares of Chegg during the first quarter worth $56,000. BNP Paribas Financial Markets increased its position in shares of Chegg by 564.8% during the third quarter. BNP Paribas Financial Markets now owns 34,060 shares of the technology company’s stock worth $51,000 after purchasing an additional 28,937 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Chegg during the fourth quarter worth $49,000. Finally, Hudson Bay Capital Management LP acquired a new position in shares of Chegg during the second quarter worth $36,000. Hedge funds and other institutional investors own 95.18% of the company’s stock.

Chegg Stock Down 11.1%

Shares of Chegg stock opened at $1.03 on Thursday. The firm has a market cap of $115.43 million, a price-to-earnings ratio of -1.31 and a beta of 2.17. The business has a 50-day moving average price of $1.13 and a 200-day moving average price of $0.89. Chegg has a twelve month low of $0.45 and a twelve month high of $1.90.

Chegg (NYSE:CHGG) last issued its quarterly earnings data on Wednesday, May 6th. The technology company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.06. The firm had revenue of $63.26 million during the quarter, compared to analyst estimates of $60.95 million. Chegg had a negative return on equity of 6.73% and a negative net margin of 26.89%. On average, equities analysts expect that Chegg will post -0.22 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on CHGG shares. Zacks Research upgraded Chegg from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 19th. Weiss Ratings restated a “sell (e+)” rating on shares of Chegg in a research note on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Chegg currently has an average rating of “Hold”.

About Chegg

Chegg, Inc (NYSE: CHGG) is a leading education technology company headquartered in Santa Clara, California. Originally founded in 2005, Chegg has evolved from a textbook rental service into a comprehensive digital learning platform. Its suite of subscription-based offerings addresses a wide range of academic needs, catering primarily to high school and college students seeking homework help, study resources, and career guidance.

The company’s core services include Chegg Study, which provides step-by-step solutions and expert Q&A support; Chegg Writing, offering plagiarism checks and guided writing assistance; and Chegg Math Solver, a tool for solving mathematical problems with detailed explanations.